"At Wednesday’s hearing, Committee Chairwoman Maxine Waters (D-Calif.) compared Facebook to two other companies that have faced scandals, Wells Fargo and Equifax. “It has already harmed vast numbers of people on a scale similar to Wells Fargo and demonstrated a pattern of failing to keep consumer data private on a scale similar to Equifax,” she said. Waters has unveiled draft legislation that would block big tech companies from getting involved with the financial system, potentially preventing Facebook from launching Libra.

Another Democrat, Rep. Carolyn B. Maloney (D-N.Y.), said Facebook should drop the idea altogether or at least agree to start with a small pilot program. “I don’t think you should launch Libra at all. The creation of a new currency is a core government function and should be left to democratically accountable institutions,” Maloney said."